Your picture shows me, time to replace with new. I will never use a repair link on our boat. I've tried all kinds of rope to chain splices and have returned to a thimble and shackle. Replaced our degraded 1991 30' chain with new 50' in 2015. Compared prices with WM. Went with this supplier as they were about 40% less in price for the same brand.
High Test – Grade 43 - Wachain.
Went with ACCO brand (Made in USA) hot dipped galvanized 5/16" G4, which fits our gypsy. Even after anchoring many, many times in PNW waters, today it looks the same as new. It gets a fresh water rinse at the end of each cruise.